1/7 The allure of personal loans

Personal loans are the most sought-after type of loan in India. They are unsecured, convenient, and can be availed for just about anything—medical emergencies, weddings, vacations, and the like. Personal loans are marketed by banks and fintech lenders as quick fixes, with instant approval and no hassle. However, while they might seem straightforward, personal loans end up being more expensive than borrowers anticipate. There are several sneaky traps that add to the actual cost of borrowing, surprises many first-time applicants.

2/7 Trap 1: Leaving out processing charges and fees

The majority of them are bothered only with the quoted rate of interest by the lender and ignore other costs such as processing charges, GST, and document charges. These coul

See Full Page